The wheel spindle global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Wheel Spindle Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The wheel spindle market size has grown strongly in recent years. It will grow from $134.24 billion in 2023 to $141.65 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to automotive industry expansion, increased vehicle ownership, globalization of automotive supply chains, consumer demand for vehicle performance, aftermarket sales and replacement needs..
The wheel spindle market size is expected to see steady growth in the next few years. It will grow to $168.32 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to evolving vehicle design trends, demand for lightweight materials, rise in electric and hybrid vehicles, stricter emission standards, expansion of automotive markets.. Major trends in the forecast period include integration of active suspension systems, development of electrically driven wheel spindles, focus on aerodynamic wheel spindle designs, adoption of advanced manufacturing techniques, development of modular and scalable wheel spindle designs..
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Scope Of Wheel Spindle Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Wheel Spindle Market Overview
Market Drivers –
The growing automotive industry worldwide is expected to propel the growth of the wheel spindle market going forward. The automotive industry refers to a sector that involves various companies and organizations engaged in the design, development, manufacturing, marketing, selling, repairing, and modification of motor vehicles. Wheel spindles play a crucial role in the automobile industry by providing structural support for vehicle wheels, ensuring smooth and secure rotation, and contributing to the functioning of steering and braking systems, thus facilitating safe and controlled vehicle movement. For instance, in February 2023, according to the European Automobile Manufacturers Association, a Belgium-based association, global motor vehicle production reached 85.4 million units in 2022, marking a 5.7% increase compared to 2021. Additionally, the International Organization of Motor Vehicle Manufacturers, a France-based trade association, reported that global vehicle sales rose from 78,787,566 units in 2020 to 82,755,197 units in 2021, representing a growth of 5.03%. Therefore, the expanding worldwide automotive industry is a driving force behind the growth of the wheel spindle market.
Market Trends –
Major companies operating in the wheel spindle market are increasing their focus on introducing high-performance kits to gain a competitive edge. High-performance kits refer to packages or sets of aftermarket components, parts, or modifications designed to enhance a vehicle’s performance. For instance, in April 2021, Dana Incorporated, a US-based automobile company, launched Ultimate Kingpin Knuckle Kits. These kits are designed for Jeep JK, JL, and JT models and comprise several components that replace the factory kingpin assembly. These kits enhance the off-road performance of Jeeps by providing more durability and strength, improving turning radius and steering, and minimizing noise and vibration. The kits include a new knuckle, kingpin, bearings, seals, and hardware that are all of high quality. These top-quality components are all necessary for installing a kingpin assembly that can improve the off-road performance of Jeep vehicles. The updated knuckle design of the kits provides additional strength to the axle while also improving the turning radius and steering.
The wheel spindle market covered in this report is segmented –
1) By Type: Non-Driven Wheel, Driven Wheel
2) By Vehicle Type: Passenger Cars, Light commercial vehicles, Heavy Commercial Vehicles
3) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
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Regional Insights –
Asia-Pacific was the largest region in the wheel spindle market in 2023. The regions covered in the wheel spindle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the wheel spindle market report are Bosch Automotive Solutions, ZF Friedrichshafen AG, Schaeffler Group , BorgWarner Inc. , JTEKT Corporation, Dana Incorporated, MinebeaMitsumi Inc., SKF Group, NSK Ltd., Federal-Mogul Corporation, American Axle & Manufacturing Inc., GKN Automotive Limited, NTN Corporation, Meritor Inc., THK Co. Ltd., MOOG Steering and Suspension, Nachi-Fujikoshi Corp., Accuride Wheel End Solutions, Timken Company, Hiwin Corporation, WJB Group, Baum Hydraulics Corporation, Progressive Gear Industries Private Limited, Harbin Bearing Group Co. Ltd., Koyo Machinery USA Inc.
Table of Contents
1. Executive Summary
2. Wheel Spindle Market Report Structure
3. Wheel Spindle Market Trends And Strategies
4. Wheel Spindle Market – Macro Economic Scenario
5. Global Wheel Spindle Market Size and Growth
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32. Global Wheel Spindle Market Competitive Benchmarking
33. Global Wheel Spindle Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Wheel Spindle Market
35. Wheel Spindle Market Future Outlook and Potential Analysis
36. Appendix
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